The Government will soon move forward with plans to create a new Economic Empowerment Zone within the City of Hamilton.

In the Throne Speech, the Government said amendments to create the South East Hamilton Economic Empowerment Zone would come during this session.

The EEZ would be the fourth on the island, following North East Hamilton EEZ, established in 2007, and the St George’s and Somerset EEZs, established in 2011.

The move would mean that businesses and property owners within the area could apply for a range of benefits, including payroll tax concessions, customs duty deferment, reduced land tax, reduced application fees on products, preferential interest rates on funding and approved residential schemes.

Jason Hayward, the Minister of Economy and Labour, said in September that a report supporting the proposal had been compiled by the Bermuda Economic Development Corporation.

Mr Hayward told the House of Assembly: “As the gateway to the city, South East Hamilton plays an important role by providing key commuter routes into and out of Hamilton. It also plays a key role in Bermuda's economy as it hosts the container docks.

“However, the full economic and development potential of eastern Hamilton, both north and south, has not yet been fully realised compared to the central and western areas of the city.

“The designation as an EEZ provides access to economic development tools to help this area fully realise its potential.”

It was said in February that 15 per cent of ground floor properties in the City of Hamilton were vacant with increasing concern about empty store fronts on Front Street and Reid Street.